101005 FROM: The Corporate Secretary Minutes of Meeting of the Board of Directors of MIGA held in the Board Room on September 25 2015 at 10:05 a.m. 1. There were present: CHAIR: Keiko Honda, Executive Vice President DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS DIRECTORS: A. Ahmed L. Laraia J. Allford L. Larose S. Bajare M. McGuire F. Bilbeisi K. Panov O. Bougara A. Qureshi A. Delaunay C. Roberts F. Diallo J. Rojas C. Doltu A. Silveira A. Foxley P. Sirinupongs J. Frieden A. Smith F. Godts M. Tareque C. Happe L. Wang M. Ishizuka OFFICERS AND STAFF PARTICIPATING: A.-M. Betancourt, Deputy General Counsel, Operations A. Gibbs, Acting Corporate Secretary * K. Finkelston, Vice President and Chief Operating Officer M. van Ginneken, Practice Manager M. Fall, Lead Underwriter F. Dal Bono, Senior Underwriter M. Williams, Lead Operations Officer * via videoconference Nigeria - Guarantee to Seven Energy International Limited for an investment in Accugas Limited 2. The Board of Directors considered the Report from the President on the guarantee to Seven Energy International Limited for an investment in Accugas Limited in Nigeria (MIGA/R2015-0178, dated September 10, 2015) and concurred with the issuance of the guarantee as set out in the President’s Memorandum. Ms. Roberts and Messrs. McGuire and This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. Smith wished to be recorded as abstaining. Adjournment 3. The meeting adjourned at 10:44 a.m. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. FROM: The Corporate Secretary Minutes of Meeting of the Boards of Directors of IFC, held in the Board Room on September 25, 2015 at 10:44 a.m. 1. There were present: CHAIR: Nena Stoiljkovic, Vice President EXECUTIVE DIRECTORS, ALTERNATES, AND TEMPORARY ALTERNATES ACTING AS EXECUTIVE DIRECTORS: A. Ahmed M. Langdon S. Al Issa L. Laraia J. Allford F. Liu A. Atomate Y. Nishii S. Bajare K. Panov O. Bougara A. Quireshi A. Bvumbe C. Roberts A. Delaunay J. Rojas C. Doltu A. Silveira A. Foxley P. Sirinupongs J. Frieden A. Smith F. Godts M. Tareque C. Happe OFFICERS AND STAFF PARTICIPATING: E. Tafara, Vice President and General Counsel A. Gibbs, Acting Corporate Secretary M. Brujis, Director P. Bolle, Manager J. Julia, Principal Special Operations Officer M. Castellanos, Principal Investment Officer This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. Brazil - Investment in DARP SFP Renova II 2. The Board of Directors authorized an investment in Brazil of up to US$200 million in debentures issued by Renova Companhia Securitizadora de Créditos Financeiros (IFC/R2015-0259, dated September 11, 2015) and adopted Resolution No. IFC 2015-0032. Adjournment 3. The meeting adjourned at 11:30 a.m. This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. The following item(s) have been approved on an Absence of Objection Basis or have been authorized to proceed on a Streamlined Basis between September 23, 2015 and September 25, 2015: THE EXECUTIVE DIRECTORS OF THE BANK AND IDA: Panama – Loan – Strengthening the Social Protection and Inclusion System Project 1. The Executive Directors recorded their approval on September 23, 2015 of the loan to Panama for a Strengthening the Social protection and Inclusion System Project in the amount of US$75 million on the terms and conditions set out in the President’s Memorandum (R2015-0183, dated September 3, 2015). China – Loan – Guizhou Tongren Rural Transport Project 2. The Executive Directors recorded their approval on September 25, 2015 of the loan to China for a Guizhou Tongren Rural Transport Project in the amount of US$150 million on the terms and conditions set out in the President’s Memorandum (R2015-0180, dated September 8, 2015). Nepal – Credit – Power Sector Reform and Sustainable Hydropower Development Project 3. The Executive Directors recorded their approval on September 25, 2015 of the credit to Nepal for a Power Sector Reform and Sustainable Hydropower Development Project in the amount of SDR 14.4 million (US$20 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0241, dated September 8, 2015). Democratic Republic of Congo, Rwanda, Uganda, and the Common Market for Eastern and Southern Africa (COMESA) – Credits and Grant - Great Lakes Region Trade Facilitation Project 4. The Executive Directors recorded their approval on September 25, 2015 of the credits to Democratic Republic of Congo, Rwanda, Uganda, and the Common Market for Eastern and Southern Africa (COMESA) – Great Lakes Region Trade Facilitation Project in: Democratic Republic of Congo (DRC) in the amount of SDR24.4 million (US$34 million equivalent); (ii) Rwanda in the amount of SDR 18.7 million (US$26 million equivalent); and (iii) Uganda in the amount of SDR 10.1 million (US$14 million equivalent); and a grant to the Common Market for Eastern and Southern Africa (COMESA) in the amount of SDR 3.6 million (US$5 million equivalent) on the terms and conditions set out in the President’s Memorandum (IDA/R2015-0245 ;/2, dated September 4, and September 18, 2015 respectively). Minutes of Previous Meetings 5. The Executive Directors of the Bank and IDA, recorded their approval on September 25, 2015 of the Minutes of the meeting held on September 15, 2015 and of the record of approvals or authorizations between September 11, 2015 and September 15, 2015 (M2015-0040 [IDA/M2015-0040, IFC/M2015-0040], dated September 21, 2015). This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization. ****************************************************************** THE BOARD OF DIRECTORS OF IFC Namibia – Investment in Bank Windhoek Limited 6. The Board of Directors authorized on September 25, 2015 an investment in Namibia – Bank Windhoek Limited (IFC/R2015-0261, dated September 15, 2015) in the form of a senior loan of up toe ZAR 920 million. Ms. Robinson wished to be recorded as abstaining. ****************************************************************** THE BOARD OF DIRECTORS OF MIGA: Albania, Belarus, Bosnia and Herzegovina, Kosovo, and Serbia - Guarantees to Raiffeisen Bank International AG for Investments in Multiple Project Enterprises Proposed Modification of Prior Concurrence 7. The Board of Directors recorded its authorization on September 25, 2015 for the president to proceed with the Modification of prior concurrence as set out in the Report from the President entitled “Albania, Belarus, Bosnia and Herzegovina, Kosovo, and Serbia - Guarantees to Raiffeisen Bank International AG for Investments in Multiple Project Enterprises - Modification of Prior Concurrence” (MIGA/R2015-0079, dated September 15, 2015). ****************************************************************** THE EXECUTIVE DIRECTORS OF THE BANK AND IDA, THE BOARD OF DIRECTORS OF IFC, AND THE BOARD OF DIRECTORS OF MIGA: Minutes of Previous Meetings 8. The Executive Directors of the Bank and IDA, the Board of Directors of IFC and the Board of Directors of MIGA, recorded their approval on September 23, 2015 of the Minutes of the meeting held on September 10, 2015 and of the record of approvals or authorizations of September 10, 2015 (M2015-0039 [IDA/M2015-0039, IFC/M2015-0039, MIGA/M2015-0034], dated September 16, 2015). This document has a restricted distribution and may be used by recipients only in the performance of their official duties. Its contents may not otherwise be disclosed without World Bank Group authorization.